The year 2014 was full of googlies for economists and investors. 12 months ago no one suspected crude will fall 30 percent and into a bear market this year. Nobody predicted that the commodity cycle including coal and iron ore and food grains will all tumble down so much.
Richard Ross of Auerbach Grayson said that a lot of optimism is now priced-in into these markets. However, he indicated that we still need to remain cautious to a certain degree.
Brent crude slipped, heading to below USD 111 on Thursday, on concerns about demand growth, as France and Germany clash over the role the European Central Bank should adopt to rein in the region's sovereign debt crisis.
Greece's government was on the brink of collapse on Thursday, casting doubt on plans for a referendum on staying in the euro, as European leaders talked for the first time of a possible Greek exit to preserve the single currency.
ArcelorMittal, the world's largest steelmaker, will face questions about its response to the sharp global downturn on Friday at its first business review since last month's stock market crash.